Oil price analysis: Brent $48.91, WTI $46.54

Over two dollars up on the week and another 25 odd cents up this morning after a week in which demand buoyancy overtook supply concerns in people’s minds. With Chinese requirements apparently increasing, (how quickly people forget how that market is growing) and North Dakota falling, albeit by only 10,000 b/d, the market tightened aided by stock draws across the board. friday saw the rig count which showed no increase overall and a modest rise of two in oil to 765 units. Falling production, albeit temporarily from Nigeria and the Republic of the Congo also helped slightly.

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